None of Europe’s 59 major oil companies, including BP and Royal Dutch Shell, are on track to meet the Paris Agreement’s goals on limiting global warming.

BP is the least aligned among the European firms, not even meeting the government pledges, despite its CEO Bernard Looney's plans to boost the company’s renewables business twenty-fold by the end of the decade,

The study was conducted by the Transition Pathway Initiative (TPI), which unites investors with $22 trillion in holdings.

Shell, Repsol, Total, Glencore, Anglo American, Eni, and Equinor have set out plans to align with pledges made by governments to cut greenhouse gas emissions.

However, the said targets are only equivalent to global temperatures rising by 3.2 degrees, which are insufficient to avert climate change.

Several of the firms disagreed with the way TPI calculates the alignment, which are based on fuels’ carbon intensity.

BP said TPI’s focus on carbon intensity was not “a reliable measure.”

Meanwhile, a Shell spokeswoman said they continue “to engage with TPI over their methodology” to prove that Shell is aligned toward the Paris goals.

Investors such as Aberdeen are regularly reminding companies about their Paris Agreement alignment, including issues concerning emissions from fuels sold, and their memberships in energy associations around the world.

Shares of European energy companies have struggled due to concerns over their ability to shift away from oil and gas.